SPRINGFIELD, Ill. (WAND) – Illinois is investing $156 million to build and expand housing for working families. State leaders hope the BUILD plan makes buying and renting a home more affordable.
Illinois has a shortage of roughly 142,000 housing units, and industry experts say the state will need to build over 225,000 units in five years to keep up with demand.
The Illinois Housing Development Authority has now opened applications for a forgivable down payment, closing cost, and loan assistance program that could help an estimated 3,000 Illinoisans. “Opening Doors” will provide a 30-year, fixed-rate mortgage combined with $9,000 in down payment or closing cost assistance.
“Our future in the state of Illinois depends on how we address the housing crisis now,” Gov. JB Pritzker said Thursday. “That is why I am so committed to addressing this issue with the urgency and intensity it requires.”
The BUILD investments also include $20 million to help spur new home construction, $25 million to help Illinoisans with student debt become homebuyers, and $50 million to build and preserve supportive housing.
“This isn’t about helping just a couple of renters or homeowners,” said Illinois Housing Development Authority Executive Director Kristin Faust. “This is about a broad solution to address Illinois’ housing crisis, a comprehensive package of programs that builds on what we know works but also carves out space ot innovate and scale.”
The state is also putting $36 million towards financing construction of 20 developments and preserving 22 affordable housing properties in 15 counties.
However, the governor and lawmakers said Illinois has much more to do to address the housing crisis. They hope to legalize a wider range of middle housing types and streamline the permitting process by passing several bills over the coming months.
“We are committed not just to passing BUILD, not just to passing the most comprehensive and consequential housing legislation in the history of this country, but we’re committed to doing it and putting our money where our mouth is and ensuring Illinois becomes and then remains the most affordable, accessible housing state in this country,” said Rep. Kam Buckner (D-Chicago).
Illinois Municipal League CEO Brad Cole told WAND News that local government officials remain dedicated to improving housing access and affordability, and believe meaningful progress can be made while preserving local decision-making.
“We want, and continue to be ready, to work in collaboration with policymakers and other stakeholders on this vital issue,” Cole said.
